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Investment report: It’s Germany’s fault

Greece may soon leave the eurozone. Germany, cause of the crisis, has yet to admit its responsibility

By Diana Choyleva   February 2012

In 2012 all euro area countries are issuing a joint euro coin to commemorate ten years of euro banknotes and coins. In spite of this celebratory act, the euro may not survive in its current form.

Attempts to solve the euro crisis by fiscal austerity or even full fiscal union are not going to prevent a prolonged recession in the eurozone. As recession deepens, threatening a depression, the temptation for the southern European “Club Med” countries to break out is likely to become irresistible.

The rot is not caused by budget deficits, but by the varying competitiveness of national economies…

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